If you’re thinking of buying Santa Cruz real estate, now is the time to take advantage of this buyer's market.
Back in the “good old days,” (a few years ago) it was easier to qualify for a loan, with one-page loan applications, stated incomes and “no doc” (no documentation, meaning nothing had to be proven) loans. There were amazing loan programs, like 125% loan on the purchase price with no down payment.
Now, buying Santa Cruz real estate is more burdensome. No more “no doc” loans; lenders want every piece of documentation you can come up with. So then, why is it the best time to buy? And what does this have to do with your real estate team?
Although the current loan situation isn't ideal, it’s worth the effort to find a home you can afford. Here are two reasons:
• First time homebuyers tax credit – this is a big one. If you can get into escrow by April 30 and close by the end of June, you can qualify for the $8,000 ($6,500 for existing homeowners) federal incentive.
• Mortgage rates – It might be hard to get a loan, but it isn’t hard to get a loan with low interest rates. Unbelievably, many are still waiting, hoping the mortgage rates will go down further. Stop waiting for that to happen. It's not going to be long before they’ll be going back up – not down.
This doesn’t include the incredibly low prices for many homes, as well as the huge housing supply. "Slim pickings" doesn’t apply to our current housing market.
With all these incredible opportunities, it makes sense that your team – the people who represent you – knows what they’re doing. In this day and age, your dream team doesn’t just need knowledge; they need experience.
At a minimum, your dream team should consist of:
• Your real estate agent who needs to be able to guide you to the best housing opportunity available for your area.
• Your lender (who is actually supposed to be helping you) who should be able to build a loan package that fits your specific needs and budget. As well, that loan package must stay within the lender’s guidelines to make sure your loan application is successful.
The more you know – and the more your team knows - the better the chance you have of buying the home of your dreams, at a price you can afford, with a low interest rate, before the April 30 deadline. By July, you could be sitting pretty with your own piece of Santa Cruz real estate and a cool $8,000 in your bank account!
Putting together your dream team? I'd be honored to have the chance to interview for the position of your knowledgeable, experienced real estate agent. Call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com today.
First-time homebuyers tax credit
Low prices for many homes